I'd have thought that the rhetorical framing of "libertarianism" might be that recent, but the principles go back to classical liberalism (to individualism and to confidence in the free market's power to satisfy desires, as in Adam Smith's invisible hand argument).

The early expectations for capitalism were liberal and progressive, as in humanistic, but the outcome of the laissez-faire variety are "conservative," meaning that they exacerbate social inequalities and deprive the masses of their positive liberties (their ability to fulfill their potential).

By "liberal," I think you mean socialist or progressive, as in the late-modern stage of liberalism. But the early-modern or classic liberals such as John Lock and the early Mill seem close to the libertarians, at least in their optimism about the free market.